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Show Page two The National Enterprise , September 15, 1976 Stock Price Reacts to Plans of Acquisition ST. LOUIS As Mid-Amer-icaGr- Plains Financial Corp. (OTC .625, 1.125) announced an agreement to be acquired by National Old Line Corp., the market price per share of Plains Corp. stock rose by 50 cents (bid) and .625 (ask). It is the first such hike in years. Mid-AmericaGr- Mid-Ameri- Financial ca reported losses for the second quarter and six months ended June 30. The insurance business has not been profitable, commented President Alfred A. Speer in a teleIt is a phone interview. intensive competitive, capital industry. Our profits have never been more than our operating costs. The present plan is to sell ownership of the insurance business and place the majority of the assets from the sale into the partially owned subsidiary Century Oil & Gas of Denver, Speer explained. owns no other operating subsidiary at this time, he added, although management is discussing acquisition of other companies in the oil and gas industry. In early September, National Old Line Insurance Company of Little Rock, Mid-Ameri- ca Arkansas and It surplus of $1,793,357. announced an agreement in operates in Missouri, Oklahoma and Wyoming. principle under which Insurance Company National has assets of of Kansas City, subsidiary of $215,588,480 and a capital Financial Corp., surplus of $40,379,722. It would be acquired by National operates in 37 states. Old Line. On September 3, The sale and purchase is Great Plans Financial to subject approval by the Corp. reported losses in the insurance regulatory authorisecond quarter and six months ties in Missouri and Arkansas, ended June 30, 1976. and approval by stockholders Revenues were up 25 of Financial percent from $568,160 in the second quarter last year to Corp. The purchase price for $710,396 this year. But the the stock will be $1,200,000, company reported a net loss of subject to modification from $13,897 (one cent per share). For the first half of the changes in the financial status of Insurance current year, revenues were before effective up 20 percent from the year the Company date. earlier, from $1,201,543 last P. H. Johnston, Jr., exeyear to $1,441,485 this year. cutive vice president of NaThe net loss was $27,854 said if the purchase is (three cents a share), up from tional, the approved, newly acquired last years net loss of $16,702 would be operated as (two cents a share). company a subsidiary of National. It is anticipated the purchase and sale will be completed prior to year end, Speer said. It is our present intention that the funds will be used to extend operations in our oil and gas business and for debt retirement, he added. has assets of $4,514,773, and a capital ST. PAUL National Mid-Ameri- ca Mid-Ameri- Mid-Ameri- ca ca Mid-Ameri- Mid-Ameri- Mid-Ameri- ca ca Firm Mid-Ameri- Liquidating Assets ca ; .'V ' ' IN SALT LAKE CITY Southeastern Utah Wildcat Drilling Program Announced ca Carlton Stowe, Utah Geological & Mineral Survey specialist says that an eight well drilling program is scheduled in Utahs Paradox Basin area generally southwest of Blanding and west of the town of Bluff, San Jaun County. Petroleum Information Corporations drilling report lists Texas Pacific Oil, Dallas, as scheduling the wells to test the Pennsylvanian age formations. They are located on the western side of the basin vicintiy. The series is to be drilled on a block of about 160,000 acres held by Texas Pacific for more than a year. One test well, the No. 1 Federal-2- 5 is in the Comb Ridge area northwest of Bluff and about 18 miles southwest of Blanding. It is four miles southwest of abandoned Desert Creek formation oil production in the Black Mesa field and is roughly seven miles northwest of depleted oil and gas production from the Paradox formation in Bluff Bench field. Others in the drilling program range from 10 to 30 miles from any successful previous drilling. Stowe notes that gas was found in two zones of the Green River formation at the Burton-Hawk- s Inc., wildcat well in Duchesne County, some 20 miles south of Duchesne. The No. 15-- 1 Wire Fence Canyon-Federflowed at the rate of 951,000 cubic feet per day from a shallow depth of 315 feet and another flow was gauged at the rate of 756,000 cubic feet daily from a zone between 3,975 and 4,015 feet. The operator is drilling below 4,750 feet with plans calling for a projected total depth of 5, 150 feet. Meanwhile in other parts of the State, Hanson Oil is drilling below 7,675 feet at the deep scheduled test in the Moroni area of Sanpete County. The No. Moroni is scheduled to at least 20,000 feet. al 1-- A Packaging Corp. (OTC 6.75, 7.75) has sold its business and assets to Stone Container effective Corp., September 1. Shareholders, approving the sale, changed the name of the remaining corporate shell to NPC Packaging. This was an opportunity advantageous to both companies, stated David Engel, treasurer of National Packag- FB Truck Expands Authority Through Illinois Purchase ing. He said directors declared an initial liquidating distribution of $7.50 a share, to be paid on Sept. 30. The final liquidation of remaining assets is expected to be made in 1977. SALT LAKE, Ut. F-Truck Line (OTC 7.50, 8.00) has signed an agreement in principle to purchase the outstanding common stock of Machinery Transports, Inc., for $3.2 million, according to Merlin Norton, chairman and B MachinPeoria, Illinois-base- d ery Transports will effectively double the operating authority of F-Norton said. Presently F-may travel in 12 western B, B states. Machinery Transports authority would add 12 National Packaging states plus parts manufactures corrugated president. of Tennessee and Wisconsin. The move to acquire the boxes and polyethylene bags. Applications for immediate temporary authority to operate the line were signed simultaneously in Washington D.C., Fort Worth, Texas and San Francisco, California on September 1, 1976. According to secretary-treasurof F-Norton Parker, the application for emergency authority was 50 Cents Per Copy Subscriptions $24.00 per ysar because of the requested The Notional Enterprise is the published weekly by health of the seller. National Enterprise The Company, Inc., 500 Continental lank Bldg., P.0. Bex 11778, Pioneer Station owner of Machinery TransSalt lake City, Utah 14147. (801)533-055he said, has a serious ports, Second Class Postage Paid n Salt lake City, Utah heart condition. We have had discusR. George Gregerson sions with Transports for Publisher about a year and a half, Alena E. Bentley Parker said, and since it just Editor became available, we decided Ryan B. Poulton to make the move now. Business Manager mid-sveste- m er ' s Publish-m- Full sized to compacts V .' i j :,(! '.s': at & Jike&gfe us wlieny oil lr inwwtiff! Mercuries , F ords , Chevrolets f o it ' I o It a t' g 6 Mary McMillan Gabor Doan Alsup . B, Stall Reporters Pstor Harrison Operations Manager Machinery Transports gross revenue is presently about $4 million annually, Parker said, but, he added, with an agressive sales effort, F-expects to double that within a year. B |